Asia Risk Transfer Solutions (ARTS) is delighted to announce that our flagship agriculture risk analytics platform, Crop Risk Expert Suite (CRES), has been selected as the winner of the “Innovation Award” at the 7th Asia Insurance Technology Awards (AITA) 2017. The AITAs, jointly organised by the Asia Insurance Review and Celent, recognize excellence and innovation in the use of technology within the insurance industry in the Asia- Pacific region. With nominations received from Australia, China, Hong Kong, India, Malaysia, Singapore, Sri Lanka, Taiwan and the United Kingdom, the award represents one of the most competitive and highest accolades in the Asia insurance industry.
Mr. Toh Rui Jie, Vice President of Product Development at ARTS, said in his award acceptance speech, “We are grateful that our flagship product, Crop Risk Expert Suite (CRES), is recognised by organisations such as Celent and Asia Insurance Review, which has worked for more than 20 years to promote effective use of technology across the insurance industry. I would also like to thank our clients and partners, especially IFFCO-Tokio General Insurance Company, for collaborating closely with us on this project.”
Mr. Toh Rui Jie at the 7th Asia Insurance Technology Awards Ceremony
Mr. Toh continued, “In India, It has not been easy for insurers to cope with the accelerating growth of the agriculture market. With the recent launch and rapid expansion of the new Pradhan Mantri Fasal Bima Yojana (PMFBY) scheme, insurers need powerful analytics systems that can turn raw data into detailed risk metrics in a short period of time. In addition, insurers have to carefully manage the capital requirements and risk accumulation of the business. CRES fully meets the operational requirements of PMFBY and helps insurers overcome key business challenges in the pricing, underwriting, and portfolio management of agriculture insurance.”
CRES is a data analytics platform that significantly enhances pricing processes, performance, and portfolio management for agriculture insurance businesses. Optimised for huge datasets, CRES’ powerful data processing engine turns massive agricultural production data into interactive visualisations and detailed risk insights with multiple pricing methodologies. First-of-its-class, CRES has a plug-and-play modular design which can be readily upgraded and customised in accordance to an insurer’s unique business needs.
Ms. Soumya Goupta, Consultant at IFFCO-Tokio General Insurance Co Ltd, said, “As CRES is built on a cloud platform and has a shared database, it helps our team to collaborate on the projects and work together. With the real-time activity log, we are well updated about the latest progress. The workflow of the software is closely aligned to our underwriting workflow. Some important features include data visualizations to have a quick idea about the trend in yield data at a glance and flagging to highlight data inaccuracies along with the provision to edit data within the software. The flexible system gives us the autonomy to customize and experiment with our methodologies, summarize the results and present them in a user-friendly way.”
CRES has successfully reduced the time taken for underwriters in India to calculate agriculture insurance premiums from several days to a matter of hours. The system handles data-intensive analytical processes and allows insurers more time for strategic decision making. CRES supports insurance companies to adhere to the strict PMFBY timeline and in turn participates in the scheme, actively protecting the livelihoods of millions of farmers across India.
Mr. Alex Chen, CEO of ARTS, says, “On behalf of the entire ARTS team, I take this opportunity to thank all our clients, partners and friends across the region who have made this success possible, as well as the AITA organizing committee and judging panel for this wonderful recognition. We look forward to developing more groundbreaking innovations with the Asia insurance industry in the years ahead and helping them increase insurance penetration so that insurance for the masses (IFM) becomes a reality.”